Investors from China, Russia and Canada have shown “great interest” in the RTB Bor copper mining and smelting complex in eastern Serbia.
Beta Acency reported on 11th of August that it learned this from the Ministry of Economy, and that the same sources said a decision has been made to find a strategic partner for the company as soon as possible.
“The working group for the privatization of RTB Bor has decided, in accordance with an agreement with the IMF, to enter into the privatization process as soon as possible, and taking into account the great interest of strategic investors from China, Russia and Canada,” the ministry’s officials have said.
They added that RTB Bor currently enjoys “satisfactory liquidity” while the price of one ton of copper has reached USD 6,000 – “so it has been decided to find a strategic partner in accordance with the Privatization Law as soon as possible.”
The RTB is implementing the Prepared Plan of Reorganization, through which the state has written off 900 million euros of the company’s debt. The remaining 300 million euros should be paid back over the next eight years, after one year grace period.
So far there have been three unsuccessful attempts to sell RTB Bor.
A tender to select professional management was announced at the end of last year and has been extended several times. The last deadline expired on July 31.
Source: miningmetalnews